Abstract

CRUZ HIDALGO, Esteban; PAREJO MORUNO, Francisco Manuel  and  RANGEL PRECIADO, José Francisco. Modern money and the chartalist institutional approach. Rev.econ.inst. [online]. 2020, vol.22, n.43, pp.57-78.  Epub Feb 01, 2021. ISSN 0124-5996.  https://doi.org/10.18601/01245996.v22n43.04.

In this paper the bases of monetary metalism are confronted with the institutionalist monetary fundaments of chartalism. Initially, an attempt is made to unmask the erroneous conception of money that still permeates economic and political doctrines in contemporary societies, in order to propose instead a new conception of money. This would be more adjusted to reality and historical evidence where it acts as a driving force for the development of the real variables. In this context, the nature of modern credit money is highlighted as a unit of account whose transferability incorporates the State as debtor. In this sense, it is concluded that a modern conception of money gives the monetary authority useful and concrete economic policy tools to deal with the problems of full employment and price stability that shake societies of today.

JEL: B19, B25, B50.

Keywords : metalism; chartalism; credit hierarchy; modern monetary theory.

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